JAKARTA (TheInsiderStories) – Good Morning! Former vice president Joe Bidden bid to take to White House after picking up a wins in Wisconsin and Michigan. Until this morning he holds 264 electoral votes and Donald Trump 214 votes.
Looking the results, Trump’ campaign team turned to the courts to try to invalidate votes in several regions in America. Still from the United States, the Federal Reserves to release a statement this evening. The Analysts expect the policymakers to hold its short term rate at 0.25 percent.
On the economic front, the country announced the private payrolls in October grew by 365,000, signs of cracks in the labor market. On Friday, the world largest economy to releases the non-farm payrolls report in the shadow of the election.
In Asia, Japan is considering procuring 2 Aegis ships to counter North Korean missiles. The final decision will be announced after the government receives interim reports in mid-November from two private companies entrusted with the program.
In Indonesia, statistics bureau will announce the economic growth figures for the third quarter of 2020 today. Bank Permata predicts that economic growth in the still be in the negative zone, around 3.13 percent, smaller than the contraction in the second quarter of 5.32 percent.
In the commodity market, Energy Information Administration reported that weekly crude stock fell by 8 million barrels during last week. Gold touched a high above US$2,000 and has since traded back down to around $1,900, but many have an optimistic view on the next year.
Yesterday, Indonesian Rupiah strengthened 0.14 percent to 14,565 per US Dollar from prior day. While, the Jakarta Composite Index (JCI) closed down 1.05 percent to 5,105.19 compared to the previous day.
Analysts assess that, apart from sentiment from the US, rising commodity prices such as oil, coal, nickel, tin and CPO have the potential to encourage the strengthening of both. Domestic sentiment, such as the release of economic growth data, could also hold back the weakness of the two instruments if the results match market forecasts.
Today, the JCI is expected to move in the range 5,077 – 5,188 and Rupiah between 14,550 – 14,650. Stocks that can be watched today are PT Telkom Indonesia Tbk (IDX: TLKM), PT Aneka Tambang Tbk (IDX: ANTM), PT Semen Indonesia Tbk (IDX: SMGR), PT Indofood CBP Sukses Makmur Tbk (IDX: ICBP), PT Astra International Tbk (IDX: ASII), PT Vale Indonesia Tbk (IDX: INCO), and PT Indika Energy Tbk (IDX: INDY).
May you have a profitable Day!
Written by Linda Silaen, Please Read Our News to Get More information about Indonesia